Fed tapering likely underway already

Many traders who follow Fed action in Treasury auctions are increasingly convinced that the Fed has already begun it’s ‘stealth tapering’. They won’t be announcing ‘when’ in September, they will be announcing that it’s already begun. The only question will be how much. Little wonder that the USD/JPY bulls have begun to stampede.

Catch you tomorrow when I think USD/JPY and US 10-year yields will be higher but the other major pairs should be relatively unchanged.